Western Union 2015 Annual Report Download - page 176
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74
Financing Resources
As of December 31, 2015, we had the following outstanding borrowings (in millions):
5.930% notes due 2016 (a). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 1,000.0
2.875% notes (effective rate of 2.1%) due 2017 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 500.0
3.650% notes due 2018 (a). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 400.0
3.350% notes due 2019 (a). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 250.0
5.253% notes due 2020 (a). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 324.9
6.200% notes due 2036 (a). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 500.0
6.200% notes due 2040 (a). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 250.0
Other borrowings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.5
Total borrowings at par value . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,230.4
Fair value hedge accounting adjustments, net (b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.6
Unamortized discount, net . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (12.4)
Total borrowings at carrying value (c) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 3,225.6
____________
(a) The difference between the stated interest rate and the effective interest rate is not significant.
(b) We utilize interest rate swaps designated as fair value hedges to effectively change the interest rate payments on a portion
of our notes from fixed-rate payments to short-term LIBOR-based variable rate payments in order to manage our overall
exposure to interest rates. The changes in fair value of these interest rate swaps result in an offsetting hedge accounting
adjustment recorded to the carrying value of the related note. These hedge accounting adjustments will be reclassified as
reductions to or increases in "Interest expense" in the Consolidated Statements of Income over the life of the related notes,
and cause the effective rate of interest to differ from the notes’ stated rate.
(c) As of December 31, 2015, our weighted-average effective rate on total borrowings was approximately 4.8%.
201 FORM 10-K
5